If you have private student loans, refinancing them as soon as you can get a lower interest rate should be a no-brainer. Here’s why.
Student loan refinancing rates continue to drop. Based on an analysis of 23 lenders’ advertised rates, the average minimum fixed interest rate on refinanced student loans was 3.51% on July 1. But refinancing isn’t for everyone. Here’s how to tell if you should take this step right now.
Student loan borrowers were targets for scams before the coronavirus pandemic hit. The longer people struggle, the more desperate they become, and that’s when scammers and fraudsters thrive.
The interest rate on new undergraduate federal student loans will decrease to 2.75%, the lowest point on record, for the 2020-21 school year. That is a drop of 39% from 4.53% in 2019-20.
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Colleges nationwide are closing their doors and moving to online-only learning amid the coronavirus pandemic. If you’re left in the lurch, the federal stimulus provides some student loan relief. Here is additional financial help that may be available to college students.